In the wake of the IMF’s visit to Pakistan, the government is considering increasing the retirement age limit. Such an action will result in laying-off pension payments.
Broadening the economic structure, Finance Minister Muhammad Aurangzeb said “service structure will be changed over some time to reduce its burden”; cutting off pensions by increasing the retirement age.
Muhammad Aurangzeb, Law Minister Azam Nazeer Tarar, and Attaullah Tarar held a joint press conference briefing on the steps considered by the government to boost its economy before the IMF’s arrival.
The conference was a debriefing on measures taken: to ensure a long-term deal. Macroeconomic stability and structural reforms were to be government priorities.
In a bid to ensure $6 to $8 billion under Extended Fund Facility (EFF), Pakistan had reached out to IMF a month earlier based on completing a short target of $3 billion.
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The minister also pointed out that considering the positive economic indicators- growth in agriculture at 5% and $9 billion in foreign exchange reserves, and a decline in inflation from 38% to 17%. These indicators have attracted many global investors.
Law Minister Azam Nazeer Tarer stated that while many aspects of negotiations are still under development, proper proceedings will follow. Parliament’s confidence is required.
Further emphasis was on increasing the retirement age, given the global rise in retirement age and the increase in lifespan.
